Pandemic management: Mark Carney, the hidden card of Ottawa

Gestion de la pandémie: Mark Carney, la carte cachée d’Ottawa

OTTAWA | The ex-governor of the Bank of Canada and the Bank of England, Mark Carney, to help the prime minister Justin Trudeau to develop its recovery plan post-pandemic.

A true superstar of international public finance, Mark Carney advises that “informally” Justin Trudeau, said the office of the canadian prime minister in the Newspaper.

The two men talk regularly without Mr Carney has been formally hired as an advisor. There is therefore no salary.

Back in Ottawa since this past spring after a stay of seven years in London, the banker displays an impressive roadmap, in particular in the field of management of economic crises.

He has held the helm of the Bank of Canada in the heart of the financial storm from 2008 to 2013, and then was flown to the Bank of England in the turmoil of the Brexit.

He has also chaired the financial stability Board. This international organization brings together 26 national financial authorities, who work together to develop standards in the field of financial stability.

Banker green

A personal friend of the deputy prime minister asked by chrystia Freeland, Mark Carney has as she grew up in Edmonton, in the heart of Canada’s oil.

It is, however, distinguished himself on the international scene as a ” banker’s green “. From 2019, it is the United Nations special envoy for the climate.

According to Mr. Carney, the companies and industries that do not have a plan to become carbon neutral are doomed to bankruptcy, and the pandemic offers a unique opportunity to give a big green bar.

“Unless we act today, the climate crisis will be the scenario that will occur tomorrow, and, contrary to what happens with the COVID-19, a person shall not isolate themselves to avoid it “, he recently wrote in an open letter published in the british daily The Guardian.

This vision coincides with the promise of a liberal to achieve carbon-neutrality by 2050. The Trudeau government has also suggested that the climate would be at the forefront of its program of recovery post-pandemic.

Ottawa has put the transit in his top 3 priority sectors where the provinces have to spend $ 19 billion of federal transfers released last month.

Replacement for Morneau ?

The office of the PM spell card Carney of his game at the same time that the government and its minister of Finance, Bill Morneau, are in turmoil.

Bill Morneau and Justin Trudeau are in the face of a vast scandal ethics since the federal government wanted to entrust the nearly one billion dollars in grants for the volunteer student to WE Charity, an organization close to the families Trudeau and Morneau.

The opposition demands the resignation of Mr. Morneau. The Bloc has even threatened to bring down the government as early as September if the ministry of Finance has not changed hands in the meantime.

The name of Mark Carney is now flowing to Ottawa as a potential replacement.

Who is Mark Carney ?

  • Born in Fort Smith in the Territories-the North-West, in 1965, parents, teachers
  • An economics graduate of Harvard and Oxford, the father of four children
  • Worked at Goldman Sachs before becoming deputy governor of the Bank of Canada in 2003
  • Appointed associate deputy minister chief Financial in 2004
  • Governor of the Bank of Canada from 2008 to 2013
  • Is now, in 2013, the first governor non-british of the Bank of England since its foundation, 1693
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